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Thoratec Reports a 19 Percent Increase in Annual Revenues as Cardiovascular Division Revenues Increase 30 Percent in 2009
Date:1/28/2010

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GAAP gross margin in 2009 was 58.8 percent versus 59.3 percent a year ago. Non-GAAP gross margin, which is described later in this press release, was 59.3 percent versus 59.9 percent in 2008. The year-over-year decrease in gross margin is due primarily to $6.9 million in excess inventory reserves related to the declining utilization of the HeartMate XVE, unfavorable foreign exchange, and manufacturing variances at ITC offset in part by overall worldwide HeartMate II volume and the rollout of our new HeartMate external peripherals.                                                                                

Operating expenses for 2009 on a GAAP basis were $172.8 million versus $160.3 million a year ago. On a non-GAAP basis, operating expenses were consistent year-over-year at $138.0 million as a result of increased Cardiovascular Division spending on product development and market development initiatives offset by lower bonus and commission expense and decreased spending at ITC.  Operating expenses on a non-GAAP basis are described later in this press release.

The company's GAAP effective tax rate for 2009 was 29.9 percent versus 23.3 percent a year ago.  The non-GAAP tax rate for the full year, which is described later in this press release, was 34.1 percent versus 32.6 percent in 2008.  The increase in the GAAP and non-GAAP tax rates reflect an increase in pre-tax income, lower tax-exempt interest rates, and non-deductible compensation in part offset by a change in state apportionment rates.  

The company's convertible debt was dilutive on a non-GAAP basis for the f
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SOURCE Thoratec Corporation
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